After three and a half years of physical and political isolation, Qatar is to be welcomed back into the GCC fold after the UAE, Saudi Arabia, Bahrain and Egypt have agreed to restore diplomatic relations with the sovereign state. On 5th January 2021, the Al Ula Declaration was signed with Qatar during the 41st Gulf Cooperation Council Summit at Al-Ula … Read More
Economic substance reporting deadline extended to 31st January 2021
The Ministry of Finance (MoF) has extended the deadline for all UAE based companies to file their Economic Substance Regulation (ESR) Notifications and (if necessary) ESR Reports to 31st January 2021. All companies in the UAE that engage in a “relevant activity” must submit an annual ESR notification and , if applicable, an ESR Report to both the regulatory authority … Read More
UAE reveals new categories eligible for golden residency visas
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the decision to expand the categories of eligible individuals for the 10-year “golden” residency visa. The new categories now include: PhD holders, doctors, engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology. It also includes graduates from … Read More
UBO regulations in UAE: what you need to know
A major change in regulations concerning ultimate beneficial owner (UBO) procedures has come into force in UAE. The UAE Cabinet issued Cabinet Resolution no (58) of 2020 concerning regulation of the real beneficiary procedures (“UBO Regulations”) and this was enacted on 28th August 2020. How will these new regulations affect you? The UBO Regulations establish a framework for reporting and … Read More